RE:RE:Litigation Tiny T. You say...
“ Changing the subject to your core problem, which is the BOD, ask yourself, WTF is the BOD supposed to do?
The answer is almost nothing, except to distribute the income.
They are simply caretakers. They have nothing to do with running the mine. They have nothing to do with running the sales auctions.”
The “Caretakers” diluted the corporation 25% purchasing a spec play without a feasibility study changing MPVD from a mine to a mine / exploration company. Bad move by the caretakers and blows your “they have nothing to do theory” out the window. Do you think our SP would be at its current level if that deal didn't happen? I don't even want to get into the price they paid because it makes me nauseous.
T.T. Goes on to say...
“My point is that our board doesn't so squat, because they don't have squat to do. They don't run the mine or the plant, nor do they have any control over diamond prices. In other words, they have virtually no say over either costs or revenue. Nothing much meaningful is left.
They're probably not stupid, but it wouldn't make much difference if they were. They don't do anything because they have nothing to do.”
MPVD is now an exploration company so we have to develop property we just purchased.
MPVD is a mining company in a JV with DeBeers extracting 5.4 million carats of diamond out of the ground every year. Maybe you trust DB explicitly but I don't. Anyone with half a brain would know we need competent oversight of the JV to ensure our interests are managed and our investment maximized. I do not want to leave that task to Debeers or some “caretakers”.
There are also many tasks involved in running a $200,000,000 dollar corporation. I would like to think I can trust the people in charge of all that money.
MPVD is a public company and our share price is of utmost importance. The “caretakers” haven't done a very good job with that. The corporation needs to be managed and marketed
to maximize shareholder value and I don't see the happening with “caretakers”.
My biggest fear is I will wake up one morning in the near future and hear caretakers have sold the company and we should all be real happy with $3.25 Canadian share.
I could go on but I hope you get the point.